LifeLock complaints and the FTC settlement: What’s the real story?

There’s an interesting blog post at GuardMyCreditFile.com regarding LifeLock’s recent settlement with the Federal Trade Commission. The website belongs to the American Consumer Credit Education Support Services (ACCESS), a non-profit consumer advocacy organization whose primary purpose is to disseminate credit education information and assistance to the public.

In the article, the ACCESS author addresses the FTC’s principle complaints against LifeLock: That LifeLock’s CEO, Todd Davis, assured their 1.6 million members that LifeLock provides ironclad, absolute protection against identity theft. Secondly, the FTC took exception to Davis’ flagrant display of his personal Social Security number in print ads, TV commercials, the company website—even on the side of a truck in Manhattan. The FTC asserts Davis misused his own Social Security number.

Both of these allegations are feeble. If LifeLock presented its services as absolute protection against identity theft, why would the company include a $1,000,000 Total Service Guarantee to assist in a members’ recovery and identity restoration if they become identity theft victims while they are LifeLock members? Doesn’t that constitute an admission of their service’s potential fallibility as well as their confidence in its quality?

The author details an instance in which LifeLock applied their Total Service Guarantee in the ID theft recovery of a member whose identity was stolen years before becoming a member. (Statement of full disclosure: I am a LifeLock member, and decided to become one after hearing similar stories that portray the company’s policy of doing what’s right, not just what’s promised.)

The second complaint regarding Davis’ misuse of his own Social Security number is equally bewildering. The level of consumers’ identity theft risk resulting from a data breach is determined by the specific compromised information.

For instance, if only names and addresses have been improperly accessed, the risk level is considered minor. The most serious risk occurs if consumers’ personally identifying information, i.e., Social Security numbers, are disclosed.

When it comes to personally identifying information, Social Security numbers are penultimate; they are the mother lode, the keys to the castle, the one bit of information we are advised to protect most vigorously. As such, is there any other bit of personally identifying information more personal? Is there any other bit of personally identifying information consumers “own” and are entitled to disclose or not?

Upon thoughtful consideration of the FTC’s complaints, the ACCESS writer is led to question the impetus of the FTC’s case. There have been millions of complaints against other companies—specifically, credit reporting agencies—that also offer identity theft protection services, compared to the 200 the FTC claims to have received from dissatisfied LifeLock members Why was LifeLock singled out?

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LifeLock and Life Quotes team up to protect consumers and help them save money

LifeLock has partnered with Life Quotes to bring more consumers an opportunity for more complete identity theft protection to safeguard their personal finances and their personally identifying information.

It is a perfectly logical marriage of the leaders in their respective industries. LifeLock has long been considered the industry leader in proactive identity theft protection services, and Life Quotes was the first company to provide consumers with comprehensive insurance comparison services.

The collaboration also joins two companies committed to serving consumers looking for the best value in the products that protect their families and finances. That mission has become doubly important at a time when so many families are affected by the economic downturn.

“Through this partnership with LifeLock, we hope to provide our users with a necessary tool for helping to protect against identity theft. Just as life insurance and other forms of insurance are important protection measures, an identity theft service is crucial to keeping a stronger hold on finances.”

Since its inception in 2005, LifeLock has consistently provided its members—now numbered at more than 1.6 million—with innovative, effective identity theft protection services.

Last December, LifeLock introduced Command Center™, a suite of global protections that scours public records, bank check reorders, payday loan applications, court documents and sex offender registries for any signs of misuse of their members’ personal or financial information. Should any red flags appear, LifeLock immediately contacts their member by phone and email and begins remediation and recovery work with them.

The following year, LifeLock introduced eRecon™ and TrueAddress™, services that continually monitor Internet sites for evidence of identity theft warning signs.

In 2007, they introduced WalletLock™, to help members immediately with lost or stolen wallets cancel and replace their driver’s licenses, Social Security cards, credit and bankcards, etc. WalletLock™ allows consumers to stay a step ahead of would-be identity thieves.

Life Quotes has been similarly innovative in the services they have been providing consumers since 1984 when they incorporated as Quotesmith. Thanks to Life Quotes, consumers can visit a single website to compare products and prices for their autos, health, homes, boats and businesses. That means a savings of time and money at a time when people are experience a shortfall of both.

To learn more about LifeLock and LifeLock Command Center, visit http://www.lifelock.com. Enroll using the promotion code DEFENSE to save 10% and receive 30 days of free coverage.

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So far, so good. I’m six months into my new LifeLock membership, and so far everything has gone just like they said it would.

I received my notice that I would no longer receive pre-approved credit offers within a few days. Hallelujah! ID thieves steal mail as one of the most common methods of ID theft, and every time I pulled a credit offer with a check out of my mailbox, I worried about whether there had been others I’d missed.

Because of the work I do, I know that a common ID theft technique is to change the victim’s address to divert mail and obtain personal and financial information. LifeLock’s TrueAddress™ monitors address changes and confirms that if my address is changed, it’s because I changed it.

I received my credit reports within just a couple weeks. We’re all supposed to review our credit reports annually, and with LifeLock, it gets done. Only 36% of Americans actually follow that advice, and it’s a relief to be among the 64% who do.

LifeLock’s WalletLock™ helps me replace my bankcards, credit cards, driver’s license, etc. if I ever lose my wallet—something I did twice before I got LifeLock. This weekend, I was in a hurry and had my hands full so I stuffed my debit card and $40 cash into my pocket; I lost the cash, but, thankfully, not the card. Still, it was a relief knowing LifeLock would help replace it if I had.

LifeLock also provides LifeLock Identity Alerts™, eRecon™, 24-hour customer service and a $1 million total service guarantee.

I haven’t applied for any new credit this year, and I haven’t received any notifications that anyone else has used my information to take out new credit. So far, so good.

But has LifeLock actually prevented my becoming an ID theft victim? I don’t know. But I do know they’ve at least cut down on my risk factors. And, I know that if someone did try to steal my identity, I’d know about it a lot faster than I would without LifeLock, and with their help, I’d be able to minimize the damage.

Is that worth $9 a month? You bet.

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One way to choose an identity theft protection service is to find the company with the most customers and join the crowd. If choosing a company just because almost 1.5 million customers chose them is good enough for you, LifeLock is for you.

But, if you want to go with the company that offers the most and does it for less than its biggest competitors, you need to know why those 1.5 million customers chose LifeLock.

Credit reports: They’re an important tool in limiting the damage done if your identity has been stolen. That’s why LifeLock, Truston, Debix and TrustedID will all request yours from the credit reporting companies for you.

Fraud alerts: Truston doesn’t offer this service, but the other three will request the alerts for you if you think you have been or might become an ID theft victim. Unless you ask them not to, they’ll automatically renew them for you every 90 days.

Reduce pre-approved credit card offers: Even though these are a prime source of information for thieves, only LifeLock and TrustedID offer this service.

$1 million total service guarantee: Only LifeLock backs their service with $1 million worth of confidence.

Legal assistance to recover stolen identities: Three of the top four companies provide legal assistance; Truston doesn’t.

WalletLock™: Lost and stolen wallets are the number one source for stolen identities. Only LifeLock will help you cancel and replace the official documents from your wallets before thief can use them.

TrueAddress™: Again, only LifeLock monitors millions of change of address requests. If your name and address show up, they’ll contact you immediately to confirm no one but you submitted the request.

ERecon™: Another LifeLock exclusive. Scans more than 10,000 websites where thieves buy, sell and trade stolen identities.

Choose LifeLock for the most comprehensive identity theft protection service. Use LifeLock promotion code Defense for a price that beats all the others.

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Before you plop down $8.50 for a movie ticket, you read the movie reviews. Before you buy a car, you read the reviews. If you’re thinking about subscribing to an identity theft prevention service, you may be interested in reading the hundreds of Life Lock reviews on the internet.Or, maybe not. Maybe instead of reading somebody else’s Life Lock reviews, you’d like to look at the evidence yourself instead. For instance, LifeLock now has somewhere in the neighborhood of 700,000 customers. All 700,000 customers have already compared LifeLock to other services, and chosen LifeLock. That’s a good sign.Just the factsOr maybe you’re a “just the facts, ma’am,” kind of person. If so, here’s the skinny on LifeLock’s services:

• LifeLock places fraud alerts on your credit reports. New credit accounts can’t be opened in your name until you’ve been contacted by phone and have given your approval. LifeLock renews fraud alerts every 90 days so they remain effective.
• Identity thieves commonly use pre-approved credit card offers to open new accounts. Other types of junk mail can give them valuable identifying information about you. LifeLock removes your name from junk mail lists.
• Identity thieves obtain important information from telemarketing lists, and then use it to trick people into divulging more information. LifeLock removes your name from phone solicitation lists.
• One of the most important things you can do to protect your credit is review your credit report annually. LifeLock with obtain the report for you.
• If your wallet is ever lost or stolen, with a single call to LifeLock the recovery process starts immediately. LifeLock will cancel and replace your credit cards, driver’s license, and just about every other imaginable official document you’ve lost—even your passport or visa.
• LifeLock guarantees that if your identity is stolen while you’re a member, they’ll spend up to $1million to see that your finances, your credit and your good name are restored completely. They’ve never had to.

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If you’re familiar with LifeLock and identity theft protection, this will be a review of LifeLock services. If not, this will serve as a quick primer on LifeLock.

The LifeLock program is based on service. Experts advise that consumers that taking just a few simple steps can help protect you from identity theft. Those are placing and renewing fraud alerts; taking your name from junk mail and phone soliciting lists; ordering and reviewing your credit reports.

Most people never do these things, though. So, just like paying someone to change the oil in your car, LifeLock takes care of these chores for you. You’re paying for the service. Most members pay somewhere around $120 a year, or $10 a month for LifeLock. Click here for a discount.

But there’s more to the LifeLock package than basic services and a great bargain. LifeLock’s clients are covered by WalletLock, and LifeLock’s $1 million total service guarantee; these are the things that make LifeLock better.

If a member’s wallet or purse is ever lost or stolen, WalletLock will get all the official documents replaced. Only LifeLock provides a service like this.

If a member’s identity is stolen (which never has happened), LifeLock guarantees they’ll restore their identity and credit, and will spend up to $1 million to do it.

About LifeLock
Located in a secure facility in Tempe, Arizona, LifeLock is a private company backed by Goldman Sachs, Kleiner Perkins Caufield and Byers, as well as Bessemer Venture Partners. Winner of the 2007 American Business Award for the Best Radio Advertising Campaign, LifeLock was a finalist for 10 other ABA awards, including Best New Company and Best New Product/Service. Recently the company was named recipient of the Red Herring 100 Global Award as one of the Top 100 start-ups in the world.

LifeLock has been incorporated and a member of the Better Business Bureau since 2005.

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Once you’ve made up your mind to enroll in an identity theft protection service, your next step is going through all the online information to make comparisons.

There are a couple of sites whose LifeLock reviews will give you more information about LifeLock and the competing companies. To see that information in a simple table format, just click here, or here.

Another good way to learn about a company is to see what other people have to say about them. Below is an example found on the Yahoo 360° website:

“I chose LifeLock because it was the simplest plan out there and I am so very impressed that their CEO is willing to put his money where his mouth is and publish his social security number. He’ll also look you in the eye and tell you they will take complete care of you if your identity is stolen while one of their clients. Powerful stuff.

“The addition of WalletLock in December of 2007 was a fabulous idea. Losing your wallet or having it stolen is pretty traumatizing. You pretty much just panic when you realize it’s gone. Besides worrying that someone is having a spending spree using your credit cards and identity, you now have to make tons of phone calls to get everything replaced and reissued. Total bummer. I just hate having to call ‘customer service’. (I use that term loosely.)

“LifeLock specialists will take care of all that calling for you. That’s a nice warm and cozy feeling. You’ve got ‘People.’”

You’ll also want to know what the professional product reviewers have to say:

“LifeLock works by preventing the abuse of stolen information,” explained Brian Dolezal, of TopConsumerReviews.com. “While no one can absolutely prevent your information from being stolen, LifeLock prevents it from being used against you – so it becomes useless to the identity thieves. If these controls are somehow breached, LifeLock’s $1 million total service guarantee kicks in. With a sound security plan, confident guarantee, and excellent customer service, LifeLock earns our highest rating.”

Now you can make your decision with confidence. Click here to sign up for LifeLock and save money with an exclusive promotion code.

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